Current through February 27, 2024
1. The Board may
establish a peer review oversight committee to:
(a) Monitor a sponsoring organization and any
practice-monitoring program administered by the sponsoring organization to
ensure that peer reviews are being conducted and reported in accordance with
peer review minimum standards;
(b)
Review the policies and procedures of an organization applying to the Board to
become a sponsoring organization to ensure that such policies and procedures
conform with peer review minimum standards; and
(c) Report to the Board any conclusions or
recommendations based on the functions performed pursuant to paragraphs (a) and
(b).
2. The peer review
oversight committee may:
(a) Establish and
perform procedures ensuring that peer reviews are performed and reported in
accordance with the Standards for Performing and Reporting on Peer Reviews
adopted by the American Institute of Certified Public Accountants, or other
standards approved by the Board and rules promulgated, herein by the
Board;
(b) Review remedial and
corrective actions prescribed by a sponsoring organization which address the
deficiencies of the quality control policies and procedures of a reviewed
practitioner or firm;
(c) Monitor
the remedial and corrective actions implemented by a sponsoring organization to
determine compliance by a reviewed practitioner or firm;
(d) Establish a process of accepting a report
which facilitates the exchange of viewpoints among committee members, a
sponsoring organization or a report acceptance body; and
(e) Communicate to the Board on a recurring
basis:
(1) Problems experienced by a
practitioner or firm enrolled in a practice-monitoring program in the systems
of quality control of the practitioner or firm, as noted in the peer reviews
conducted by the sponsoring organization;
(2) Problems experienced in the
implementation of the practice-monitoring program; and
(3) A summary of the historical results of
the practice-monitoring program.
3. The peer review oversight committee may
make recommendations to the Board as to the continuing qualifications of each
sponsoring organization as an approved sponsoring organization.
4. Information concerning a specific firm or
peer reviewer obtained by the peer review oversight committee during oversight
activities must be kept confidential, and the identity of the firm or reviewer
must not be reported to the Board. Reports submitted to the Board must not
contain information concerning specific registrants, firms or
reviewers.
Added to NAC
by Bd. of Accountancy by
R068-17AP,
eff. 5/16/2018; A
by
R034-23A,
eff. 12/15/2023
NRS 628.120,
628.170,
628.386
